Author Topic: Closing a secured creditcard  (Read 1953 times)

Offline helpusout

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Closing a secured creditcard
« on: July 08, 2013, 02:25:13 PM »
We had to file a bankruptcy and were working to restore our credit.
We got a Capital One secured cc with $200 limit, used it and paid on time for 6 months, and then thankfully got approved for Ink from Chase.
My question is, is it bad for my credit if I close the Capital One card? They have $200 of our money and I dont use the card any more?
How long should I leave it open for?

Offline mordyl19

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Re: Closing a secured creditcard
« Reply #1 on: July 08, 2013, 02:33:06 PM »
It probably helps to leave it open while restablishing your credit score.
I am not 100% sure about this. But I am going to click it anyway.

Offline Alexsei

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Re: Closing a secured creditcard
« Reply #2 on: July 08, 2013, 02:33:28 PM »
You probably pay a anuual fee no?
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Offline mordyl19

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Re: Closing a secured creditcard
« Reply #3 on: July 08, 2013, 02:35:41 PM »
Does Capital One have cards with annual fees?
I am not 100% sure about this. But I am going to click it anyway.

Offline Alexsei

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Re: Closing a secured creditcard
« Reply #4 on: July 08, 2013, 02:36:47 PM »
Does Capital One have cards with annual fees?

their secured card has an annual fee
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Offline mordyl19

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Re: Closing a secured creditcard
« Reply #5 on: July 08, 2013, 02:39:55 PM »
Is there a way to avoid it with a SM? Or any other way?
I am not 100% sure about this. But I am going to click it anyway.

Offline helpusout

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Re: Closing a secured creditcard
« Reply #6 on: July 08, 2013, 02:40:29 PM »
Yes it has a $29 fee which I paid in October.
I dont really want to pay it again if I am not even using the card :( But I guess its my investment into rebuilding my credit, no?

Offline Alexsei

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Re: Closing a secured creditcard
« Reply #7 on: July 08, 2013, 02:42:49 PM »
I got the capital one secured as my first credit card, its 3 years now and i paid annual fee only the first year
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Offline helpusout

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Re: Closing a secured creditcard
« Reply #8 on: July 08, 2013, 02:45:15 PM »
How? Did they ever refund your deposit?

Offline Alexsei

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Re: Closing a secured creditcard
« Reply #9 on: July 08, 2013, 02:47:10 PM »
I call them up every year after anniversary date that I was promised my card will become unsecured and it did not, they say there's a back office taking care of that and that they can't estimate when it will be, I ask them to waive the fee and they say it's the last time we are doing it..............
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Offline AsherO

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Re: Closing a secured creditcard
« Reply #10 on: July 08, 2013, 02:59:20 PM »
We had to file a bankruptcy and were working to restore our credit.
We got a Capital One secured cc with $200 limit, used it and paid on time for 6 months, and then thankfully got approved for Ink from Chase.
My question is, is it bad for my credit if I close the Capital One card? They have $200 of our money and I dont use the card any more?
How long should I leave it open for?

Ink from Chase won't show up on your credit report and/or count toward your credit score. Pay it off for six months then apply for some Chase personal cards (make sure your utilization is low on your Ink card).

As for your Cr@p1 card, keep it active and spend $5 a month on it, make sure to pay on time.
PGF24BMGS

Offline helpusout

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Re: Closing a secured creditcard
« Reply #11 on: July 08, 2013, 03:44:36 PM »
Ink from Chase won't show up on your credit report and/or count toward your credit score. Pay it off for six months then apply for some Chase personal cards (make sure your utilization is low on your Ink card).

As for your Cr@p1 card, keep it active and spend $5 a month on it, make sure to pay on time.

Thanks for the tips.
My utilization is not low, since I dont have any other cards earning points and my credit line isnt too high. Would that matter towards whether I got a personal card after 6 months.
Also, is it better that I use the Capital One for a small purchase every month instead of it just having a $0 balance?

Offline AsherO

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Re: Closing a secured creditcard
« Reply #12 on: July 08, 2013, 04:01:32 PM »
Thanks for the tips.
My utilization is not low, since I dont have any other cards earning points and my credit line isnt too high. Would that matter towards whether I got a personal card after 6 months.

It's best to have your utilization (reported as) low when you apply, but you might get approved even if this isn't the case.

Also, is it better that I use the Capital One for a small purchase every month instead of it just having a $0 balance?

I think so.
PGF24BMGS

Offline Lazegotit

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Re: Closing a secured creditcard
« Reply #13 on: July 09, 2013, 11:48:40 AM »
Closing a secure card makes a dark mark on your already bad credit. The best option to get away with the annual fee is to call Capital One and tell them that you love the card, just don't wanna be paying an annual fee, and they will prob wave the fee...
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Offline hertzinstl

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Re: Closing a secured creditcard
« Reply #14 on: November 06, 2013, 07:19:06 AM »
My first CC was a secured card from wells Fargo, I would like to close it.how bad is the impact on your credit score for closing your first CC? (The next one after that, was opened 11 months later)